PCCP, LLC Provides $30.3 Million Loan to Sage Hospitality for the Acquisition and Renovation of Marriott Minneapolis Southwest

John Randall

 New York, NY – PCCP, LLC announced it has provided a $30.3 million loan commitment to a venture led by Sage Hospitality for the acquisition and renovation of Marriott Minneapolis Southwest, a 321-key full-service hotel 12 miles southwest of Downtown Minneapolis in Minnetonka, MN.

Built in 1988, Marriott Minneapolis Southwest is a 16-story hotel with more than 14,500 square feet of meeting facilities, over 4,700 square feet of function space, a restaurant, lobby bar/lounge, fitness center, and indoor pool.

 “This is our first transaction with Sage Hospitality and we are pleased to be a part of this acquisition with such an experienced owner and operator,” stated John Randall, senior vice president.

“The hotel has value-added potential as the new owner plans on making improvements in management and renovation. This, in combination with a strong local market that continues to thrive and grow, presents a promising long-term opportunity.”

 The new owner has plans to invest nearly $10 million to enhance management and staffing of the hotel as well as to implement a full renovation of the hotel rooms, function spaces, public restrooms, lobbies and elevator cabs.

Situated on just over ten acres at 5801 Opus Pkwy, the hotel is located in the affluent Minneapolis submarket of Minnetonka and is a part of the 640-acre Opus 2 Business Park, the area’s largest employment center.

Additionally, it is the only full-service hotel within the business park and sits directly across the street from the world headquarters of United Health Group, one of the largest public companies in the U.S. in terms of revenue.

 The hotel also offers excellent visibility from Highway 169 and is close to Interstate 494.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224